MG Morning Breeze: Updates to Skim before Market

Mettis Global’s November 3 morning roundup covered a range of market and business updates. Fuel prices were cut effective that day, October inflation eased to 9.6% from 10.3% in September, and the KSE-100 rose 154.81 points to 166,564.06 in Monday’s session. The rupee closed at 276.72 per dollar, while gold gained Rs2,400 to Rs412,136 per tola.

Among company updates, Supernet Technologies’ quarterly profit increased 4.81% to Rs130.61 million, while Citi Pharma’s rose 22.14% to Rs248.79 million; Liven Pharma’s loss narrowed to Rs7.37 million. Cherat Cement agreed to buy a 64.07% stake in Nimir Industrial Chemicals for about Rs24.09 billion, and Zuma Resources outlined a proposed Rs350 million SPAC focused on technology-related opportunities. Separately, refinery upliftment rose 9.7% year on year in October, while oil marketing company sales fell 1% to 1.48 million tons.